Exelon: Buy Rated on Datacenter-Driven Transmission Upside and Improving Regulatory Backdrop

Exelon (EXC) has received a new Buy rating, initiated by Citi analyst, Ryan Levine.

Ryan Levine has given his Buy rating due to a combination of factors that support a stronger earnings trajectory and improving regulatory backdrop for Exelon. He expects accelerating transmission investment in the PJM region, driven by rapid datacenter expansion and increasingly supportive federal and state policies, to lift earnings above current guidance while leaving additional upside if new customer‑funded generation models scale.

Levine also anticipates a more favorable rate environment in Pennsylvania after 2026 and sees current legislative and regulatory concerns in Maryland and Illinois as manageable overhangs rather than structural threats. Combined with evidence that the stock is not crowded from a positioning standpoint and a valuation framework that implies meaningful upside to his $58 price target, these elements underpin his positive view despite policy and macro risks that he acknowledges around datacenter demand, regulation, interest rates, and the broader economy.